CGT UK Unit Trusts: Can losses forward be used?

[PaulWa]

I have a CGT gain on sale of a UK Unit Trust (Fidelity). Can I offset losses forward from disposal of Irish shares?

 

[AJAM]

Yes, Investment Trusts are treated just like shares.

 

[Marc]

I have a CGT gain on sale of a UK Unit Trust (Fidelity). Can I offset losses forward from disposal of Irish shares?

Probably not.

Its most likely an OEIC which would have previously been a UCITS fund

 

[PaulWa]

Thanks AJAM, Marc for replies.

 

[Sarenco]

Its most likely an OEIC which would have previously been a UCITS fund

Sorry Marc but that’s complete nonsense.

An OEIC is an “open-ended investment company” - the UK equivalent of our Part XIII investment companies.

A unit trust isn’t a company so it can’t be an OEIC.

 

[Corola]

Yes, Investment Trusts are treated just like shares.

A unit trust is not an investment trust.

Unit trusts are mutual funds: CGT doesn't apply, it's 41% exit tax. No offsetting gains with losses from shares.

 

[ClubMan]

A unit trust is not an investment trust.

Unit trusts are mutual funds: CGT doesn't apply, it's 41% exit tax. No offsetting gains with losses from shares.

And deemed disposal every 8 years, or not?

 

[Corola]

Since it's a UK unit trust, offshore fund rules apply: 41% on gains and income, with a deemed disposal every 8 years.

Whereas the popular opinion on forums is that a UK investment trust is not a material interest in an offshore fund and that those rules don't apply.